iPhone SE is a hit in China (but scalpers are worried)

The iPhone SE may look tiny, but it’s already become a big hit in China.

Apple’s new iPhone doesn’t hit stores until March 31st, however, pre-orders for the iPhone SE have already topped 3.4 million in China according to early estimates that show the iPhone SE will be much better received than the iPhone 5c.

Official pre-order numbers have not been released by Apple, and won’t like be announced until later in the week at the earliest. CNBC’s Eunice Yoon checked-in with Chinese retailers to come up with the estimate of 3.4 million pre-orders, but also found that scalpers are worried about the iPhone SE’s resale value.

Most new iPhones cost an extra $300 on the Chinese blackmarket, but in the case of the iPhone SE, scalpers are only charging a $30 premium. In some cases they’re even selling the iPhone SE at a $100 discount, which makes absolutely no sense, but hey, it’s China.

The most popular color option so far is reportedly gold, with rose gold coming in a close second. The iPhone SE has been seen as a way for Apple to expand into emerging markets like China and India, thanks to its small price tag that still offers the best features from the iPhone 6s, though we think it’ll be popular among small-handed individuals too.